Corn Futures Fall on Friday Amid Wheat Price Pressure

Corn futures are falling on Friday as traders close out July. The contracts are down by 6 to 8 cents at midday, with spillover from wheat prices, rain, and month-end pressure contributing to the decline.

The CmdtyView national average Cash Corn price has dropped 8 1/4 cents to $4.08 1/4. Rainfall in parts of Nebraska, the Dakotas, and Minnesota overnight is also a factor. Over the next seven days, 1 to 2 inches of rain are expected across much of Missouri, Wisconsin, Iowa, Illinois, Indiana, and Ohio.

Export sales data shows old crop corn sales at 86.975 MMT, which is 103% of the USDA number and ahead of last year's pace. New crop corn sales are currently at 8.624 MMT, just 0.1% above the same period last year.